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Iranian officials recently stated that by 2007 the republic is expected to surpass Qatar’s production levels from the jointly owned South Pars gas field. Presently Qatar is producing larger quantities of gas from the field, reported IRNA.

The Assaluyeh region, where South Pars’ is located, is set to be developed into a major industrial district, in an effort to encourage investors to finance the oil production. So far, the government has invested $27 billion into the field, where 25,000 people are currently employed.

The Pars field is shared by Iran and Qatar. Gas reserves in Iran’s share of the region are estimated at 464 trillion cubic feet. The field was discovered by Qatar in 1971 and by Iran in the 1980’s. The field’s first well was drilled last year with two more wells to come on stream in the near future — (menareport.com)